Sompo International said Tuesday it has agreed to acquire Service Insurance Cos., a workers compensation specialist focused on small and midsize businesses.
Terms of the deal were not disclosed.
The transaction, which will be completed through one of Sompo’s U.S. subsidiaries, is subject to regulatory approval and other customary closing conditions.
Sompo said the acquisition will expand its U.S. workers compensation capabilities, distribution reach and presence in the small and midsize business and general agent markets.
Service Insurance, founded in 1982, provides workers compensation underwriting, claims management and loss control services. Brad Davis, its president, will continue to lead the business following the acquisition.